Legendary investor Jim Rogers tells why Europe and the world would be better off if Ireland goes bankrupt.

Rogers argues that Ireland going bankrupt would result in a stronger euro and European Union in the end. He believes that the massive borrowing will cripple the Irish economy for years to come.

“There is no reason that taxpayers around the world or around Europe or in Ireland should pay for other peoples’ mistakes. The banks who lent the money and made the mistakes should lose money. The bondholders and the stockholders of those banks should lose money. It’s that simple.”